Cyber-attacks cost global business over $300bn a year

The Grant Thornton International Business Report (IBR) reveals that more than one in six businesses – more than 15% of respondents surveyed – faced a cyber-attack in the past year. In some countries cyber-crimes are much more prevalent with 20% of the respondents in the UK, 21% of the Russian respondents polled and over 33% respondents in the US reporting being victims of cyber-crimes.

The Grant Thornton survey findings further reveal that direct losses alone caused by cyber-crimes result in business revenues being down by 1,2 per cent annually.

Total damage is estimated at more than $300 bn, this being a minimum estimate, say nothing of serious reputational damage which can be inflicted by hacking attacks, disrupted marketing communications channels, undermined customer confidence, whereby potential losses may be pretty hard to ascertain in monetary terms.

 

Businesses in the EU (19%) and North America (18%) have been most heavily targeted. Asia Pacific businesses have suffered severest damage caused by cyber-attacks which is estimated at $81bn. European and American businesses, by comparison, report losses caused by cyber-crimes at $62,3bn and $61,3bn, respectively.

Experts at Grant Thornton opine that amount of cyber-crimes, including hacking attacks, security breaches, personal data theft, theft of funds and other cyber-related offences will continue to increase this year and urge businesses to look closely at the development and enablement of cyber security strategies to prevent digital theft.

The International Business Report surveyed a total of 2,500 business leaders in 35 economies.

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